Future of Bitcoin
Where do you see Bitcoin and cryptocurrency going in the next few months?
I've been doing a lot of research on the subject recently through videos, articles, chatting with friends who have followed the scene closely the past 7 years. I've got a few thoughts myself, and some theories on how it will all go, but I'm always curious to see what others think.
I feel like Bitcoin is too expensive, slow to make transactions, and not useful as a method of payment.
Bitcoin cash seems to be good as a payment form, but there's the worry that it's not decentralized as much as Bitcoin.
I feel like we may see Bitcoin be a store of value like gold, and Bitcoin Cash become a day-to-day payment method.
I see a lot of arguments on both sides, but feel like the low cost transactions are a key part, and changing to a system where banks aren't a middleman is enticing to me.
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STOPyes, it is hella expensive..i'm still a newbie so haven't really used bitcoin to make any purchases yet...i'm thinking of mainly just investing a little bit in it for the long term..but i see what you mean about BCH. The only problem i see with it is that it's not decentralized enough and this could lead to market manipulation like we saw last week.
The not decentralized enough part is what I think I'm not fully grasping. Is it not decentralized because the miners have too much power?
I've been trying to find info on that part of it and can't seem to find it.
Yeah i saw this guy on Youtube called DataDash discuss this pretty well in detail...In fact, he did a couple of vids about this including a livestream when the whole incident went down.. Basically, it was pure market manipulation by a small group, not necessarily miners, who owned a significant amount of BCH and were conspiring behind closed doors. Stuff like that should never happen.
Yeah that's what I've learned. It was a pump and dump situation which is pretty shifty in general. I still don't think it makes sense for BTC to not raise the block size... you can have a store of value that's also useful.